Red Sea International Company has announced that one of its key subsidiaries - The Fundamental Installation for Electric Work Company - has signed a contract worth SAR1.52 billion ($405 million) with Modern Building Leaders Company for providing mechanical, electrical and plumbing (MEP) and infrastructure services at a prime project in the kingdom.

 

The contract is for a period of 19 months, said Red Sea International Company in its filing to Saudi bourse Tadawul.

 

The scope of work includes supply, installation, testing and commissioning of MEP and infrastructure works, it added.

 

On the financial impact, RSI said it will be reflected starting in Q3 2024.

 

This comes close on the heels of RSI's recent MEP deal worth SAR168 million with Modern Building Leaders through its other subsidiary - Fundamental Installation for Electric Work Company (First Fix).

 

The contract is for a period of 36 months, it added.-TradeArabia News Service